03 Jun Question 1. If a consumer’s income doubles and she n
QuestionQuestion
1. If a consumer’s income doubles and she n
1. If a consumer’s income doubles and she now purchases more of good X, we can infer that good X is a(n) _______________ good.
Normal
Inferior
Neither normal nor inferior
Giffen
2. All of the following can lead to an increase in the demand for ice cream, a normal good, EXCEPT:
An increase in income
A decrease in income
An increase in the price of popsicles
A new scientific study that finds eating ice cream does not cause weight gain
3. A decrease in supply will lead to:
An increase in price
A increase in quantity
An increase in demand
An increase in sales
4. Generally, with all else held constant, when the price of a good increases, consumers
purchase:
More of the good
Less of the good
The same amount of the good
None of the good
5. An increase in demand will lead to:
An increase in supply
A fall in quantity
An increase in price
A decrease in producer surplus
6. Which of the following events would lead to an increase in demand for air travel?
An increase in the number of people who are afraid to fly
A fall in the price of oil
An increase in the price of ground transportation
A decrease in income levels
7. Which of the following will cause a rightward shift of the market supply curve?
An increase in the product price
A decrease in input costs
Change in consumers’ tastes
An increase in income
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